Global Benzoic Acid Market to Reach US$ 1694.9 Million by 2032, Driven by Demand from Food & Beverage Industry

Posted on 2024-05-31 by Future Market Insights in Chemicals // 0 Comments

Benzoic Acid Market

The global benzoic acid market, valued at US$ 1011.3 Million in 2022, is poised for significant growth, with projections estimating it will reach US$ 1694.9 Million by 2032, registering a CAGR of 5.3% from 2022 to 2032, according to Future Market Insights (FMI).

Benzoic acid (C6H5COOH) is a colorless, crystalline carboxylic acid known for its antifungal and antibacterial properties. Initially derived from gum benzoin, the resin of Styrax tree species, benzoic acid is extensively used as a preservative in the food and beverage industry to inhibit the growth of bacteria and fungi, thereby extending the shelf life of products. It also finds applications in the chemical industry, pharmaceuticals, and personal care products like toothpaste and mouthwash.

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Key Takeaways

Rising Demand in the Food and Beverage Industry: The primary driver of the benzoic acid market is its extensive use as a preservative in the food and beverage industry. It is particularly effective in acidic foods such as pickles, sparkling drinks, and fruit juices.
Shift Towards Processed Foods: Urbanization and an increase in the working-class population have led to a higher demand for packaged and processed foods. Benzoic acid is integral in preserving these products, making it essential for ready-to-eat and convenience foods.
Alternative to Phthalate Plasticizers: The market is also being driven by the shift from phthalate to non-phthalate plasticizers, particularly in North America and Europe, creating a substantial market opportunity for benzoic acid manufacturers.

Market Dynamics

The benzoic acid market is significantly influenced by consumer lifestyle changes and the growing demand for preservatives in the food and beverage industry. The increase in processed and packaged food consumption, particularly in urban areas, is a key factor driving market growth. Moreover, the use of benzoic acid in the chemical and pharmaceutical industries is expanding, further boosting its market prospects.

However, fluctuations in raw material prices, particularly toluene, pose a challenge to market growth. Toluene, a key ingredient in benzoic acid production, is subject to price volatility due to its crude oil origins. Additionally, stringent regulations in emerging markets and potential health concerns related to benzoic acid usage could hinder market expansion.

Competitive Landscape

Market participants are spending globally to improve their Benzoic Acid production capacity to meet the growing needs of end consumers. The numerous technological innovations and the increasing growth attempts of the top competitors through strategic alliances, Mergers, and agreements have opened up a wide range of market prospects.

Key Companies Profiled

Emerald Kalama
Novaphene
Huangshi Taihua Industry
Shri Hari Chemicals
Chemcrux Enterprises Ltd
Sinteza S.A
Wuhan Youji Industries
Fushimi
San Fu
Huayin Jinqiancheng
Nantong Haiers
Merck KGaA
Chemcrux Enterprises Ltd
Emerald Performance Materials
I G Petrochemicals Ltd.

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Future Outlook

The benzoic acid market is expected to witness accelerated growth compared to historical trends, driven by advancements in food preservatives and the increasing demand for ready-to-eat food and beverages. The development of new technologies and products, along with the replacement of phthalate plasticizers, particularly in North America and Europe, will provide significant growth opportunities.

Benzoic Acid Market Segmentation

By Production Method:

Grignard reagents
Friedel-Crafts reaction

By Application:

Food Preservatives
Corrosive Inhibitors
Alkyd Resins
Synthesis Intermediates
Plasticizer
Feed Additives
Others

By End-use:

Chemical Industry
Food & Beverages
Cosmetics and Personal Care
Pharmaceutical Industry

By Region:

North America
Latin America
Europe
South Asia Pacific
East Asia
Middle East & Africa

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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